TOWNSHIP OF ESQUIMALT STAFF REPORT
MEETING DATE: June 24, 2024 Report No. FIN-24-013
TO: Council
FROM: Ian Irvine, Director of Financial Services
SUBJECT: 2023 Statement of Financial Information
RECOMMENDATION:
Recommendation
That Council approve the 2023 Statement of Financial Information as attached to Staff Report FIN-24-013.
Body
EXECUTIVE SUMMARY:
The Township is legislated to prepare an annual Statement of Financial Information which requires Council's approval. Once this is received, the document will be signed by the appropriate Township representatives and submitted to the province on or before June 30.
BACKGROUND:
Under the provisions of the Financial Information Act, the Township is required to prepare a Statement of Financial Information ("SOFI") within six months of
the fiscal year end and make it available for public viewing. The Statement must contain, either through reference to the annual audited financial statements or through a separate schedule, the following information:
- remuneration and expenses for each elected member of Council;
- employees with remuneration exceeding $75,000, plus their expenses as well as a consolidated total for all employees below the $75,000 threshold;
- long term debt held by the Township;
- any severance agreements entered into during the fiscal year;
- payment of grants or contributions made by the Township;
- suppliers receiving aggregated payments exceeding $25,000 as well as a consolidated total of all supplier payments of $25,000 or less; and
- any guarantee or indemnity agreements in place.
ANALYSIS:
The existing legislation requires local governments to prepare an annual Statement of Financial Information and make it available for public viewing. To comply with the legislation, the approved document needs to be submitted to the provincial government prior to June 30 each year.
OPTIONS:
Approval of the Statement of Financial Information by Council is a necessary step towards comp...
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